Hamilton Lane Private Assets Fund
Data through 2026-03-31 · latest filing SC TO-I/A filed 2026-06-25
Sponsored by Hamilton Lane. Tender-Offer Fund structure focused on private equity.
Tender-Offer FundPrivate Equity
- Net assets
- $5.80B
source
Monthly portfolio report (Form N-PORT) · filed 2026-05-29 · period 2026-03-31
Net assets (N-PORT Part B, Item B.2)
Method Direct: read from a structured filing field
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-03-31 - NAV / share
- $19.77
source
Shareholder report (Form N-CSR) · filed 2026-06-09 · period 2026-03-31
per-class NAV list (V5-LIST)
“Net Asset Value per Share: Class I Shares $ 19.77 Class R Shares $ 18.91 Class D Shares $ 19.53 ”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
Filed fund value · as of 2026-03-31 - Net flows, last qtr
- +6.5% qtr ended 2026-03-31
- Distribution coverage
- Not reported Private-equity distributions are episodic and realization-driven.
- Leverage in use
- 2% debt / equity 0.01x
- Total return, 12m
- Pending SEC-filed periodic NAV + distributions
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
FSN Capital Unique Co-Investment L.P. (2026-03-31)
FSN Capital Unique Co-Investment L.P. marked down -26% (2025-12-31 $13,708,025 -> 2026-03-31 $10,158,819) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.26% of portfolio value.
Why it matters and what changed
A portfolio position was written down materially. Marks are management's own estimate of impairment, so a large markdown is a loss being recognized -- the fund-level NAV effect depends on the position's size.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: nport-diff:2026-03-31:mark:fsn capital unique co-investment l.p.
Chance Co-Investment, L.P marked down -100% (2025-09-30 $13,408,252 -> 2025-12-31 $0) with par balance unchanged (+-2%) -- a valuation mark, not a trade. (2025-12-31)
Chance Co-Investment, L.P marked down -100% (2025-09-30 $13,408,252 -> 2025-12-31 $0) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.28% of portfolio value.
Why it matters and what changed
A portfolio position was written down materially. Marks are management's own estimate of impairment, so a large markdown is a loss being recognized -- the fund-level NAV effect depends on the position's size.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: nport-diff:2025-12-31:mark:chance co-investment, l.p
The Resolute Fund IV, LP marked down -36% (2025-06-30 $56,967,102 -> 2025-09-30 $36,474,613) with par balance unchanged (+-2%) -- a valuation mark, not a trade. (2025-09-30)
The Resolute Fund IV, LP marked down -36% (2025-06-30 $56,967,102 -> 2025-09-30 $36,474,613) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 1.35% of portfolio value.
Why it matters and what changed
A portfolio position was written down materially. Marks are management's own estimate of impairment, so a large markdown is a loss being recognized -- the fund-level NAV effect depends on the position's size.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: nport-diff:2025-09-30:mark:the resolute fund iv, lp
Historical findings (1)
Gasherbrum Fund I, L.P. (2025-06-30)
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Filed performance
| Window | Class | Basis | Return | Source |
|---|---|---|---|---|
| 2025-04-01 to 2026-03-31 | Class I | basis not stated in the filed row | +14.60% | SEC source 0001213900-26-066804 |
| 2025-04-01 to 2025-09-30 | Class I | basis not stated in the filed row | +7.58% | SEC source 0001213900-25-118831 |
| 2024-04-01 to 2025-03-31 | Class I | basis not stated in the filed row | +12.59% | SEC source 0001213900-25-052455 |
| 2024-04-01 to 2024-09-30 | Class I | basis not stated in the filed row | +6.01% | SEC source 0001213900-24-106439 |
| 2023-04-01 to 2024-03-31 | Class I | basis not stated in the filed row | +12.68% | SEC source 0001213900-24-050817 |
Monthly performance eligibility
Canonical class: Class I · basis: no qualifying monthly chain · qualifying history: 0 months.
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
| Date | Position change |
|---|---|
| 2026-03-31 | SF8888628 (7.0% of portfolio value in the 2025-12-31 report, $372,986,863) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | FSN Capital Unique Co-Investment L.P. marked down -26% (2025-12-31 $13,708,025 -> 2026-03-31 $10,158,819) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.26% of portfolio value. |
| 2026-03-31 | Hawk 2025, L.P. marked up +70% (2025-12-31 $25,354,352 -> 2026-03-31 $42,998,911) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.48% of portfolio value. |
| 2026-03-31 | Sands Capital Global Innovation Fund III-2 Aggregator, L.P. marked up +41% (2025-12-31 $83,918,625 -> 2026-03-31 $118,203,228) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 1.58% of portfolio value. |
| 2026-03-31 | Vic SPV LLC marked up +47% (2025-12-31 $81,782,856 -> 2026-03-31 $119,936,311) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 1.54% of portfolio value. |
| 2026-03-31 | VSC EV3 (Parallel) LP marked up +45% (2025-12-31 $46,770,152 -> 2026-03-31 $67,846,064) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.88% of portfolio value. |
| 2026-03-31 | New position CSC COMFORT CO-INV AGGREGATOR LP: 1.4% of portfolio value ($81,351,116) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2026-03-31 | New position UMB Bank Money Market Funds: 1.4% of portfolio value ($82,695,769) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2026-03-31 | New position UMB Money Market II Special: 7.7% of portfolio value ($445,620,957) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2025-12-31 | UMB Money Market Sweep Account (2.5% of portfolio value in the 2025-09-30 report, $119,773,882) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | Chance Co-Investment, L.P marked down -100% (2025-09-30 $13,408,252 -> 2025-12-31 $0) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.28% of portfolio value. |
| 2025-12-31 | Leaf Select Equity Investors LP marked up +44% (2025-09-30 $72,456,800 -> 2025-12-31 $104,312,174) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 1.52% of portfolio value. |
Where exit demand met the cap.
Stated cap: 5% of net assets/quarter. The disclosed history shows no rationed period.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2026-03-09 | Pending | 100% | Pending | filled |
| 2025-12-04 | Pending | 100% | Pending | filled |
| 2025-08-29 | Pending | 100% | Pending | filled |
| 2025-06-02 | Pending | 100% | Pending | filled |
| 2023-03-03 | Pending | 100% | Pending | filled |
| 2022-12-02 | Pending | 100% | Pending | filled |
| 2022-09-02 | Pending | 100% | Pending | filled |
| 2022-04-26 | 0.0% of shares
sourceTender offer statement, amended (Schedule TO-I/A) · filed 2022-09-28 · period 2022-04-26 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator | 100% | 0% | filled |
| 2022-01-26 | 0.0% of shares
sourceTender offer statement, amended (Schedule TO-I/A) · filed 2022-07-05 · period 2022-01-26 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator | 100% | 0% | filled |
| 2021-10-27 | 0.0% of shares
sourceTender offer statement, amended (Schedule TO-I/A) · filed 2022-03-25 · period 2021-10-27 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator | 100% | 0% | filled |
| 2021-07-28 | 0.0% of shares
sourceTender offer statement, amended (Schedule TO-I/A) · filed 2021-12-23 · period 2021-07-28 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator | 100% | 0% | filled |
| 2021-04-26 | 0.0% of shares
sourceTender offer statement, amended (Schedule TO-I/A) · filed 2021-09-22 · period 2021-04-26 tender_shares_requested_pct_outstanding (unified redemption view) Method Derived: computed from other stored facts Open the filing on SEC.gov · Full observation history Technical locator | 100% | 0% | filled |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
Pending
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
Not attributed 100.0%
| Class | Terms-based role description | Load | Servicing | Minimum | Assets |
|---|---|---|---|---|---|
| Class I | Pending | Pending | Pending | Pending | Pending |
Management fee: 1.40% of managed assets per year, current as of 2025-03-14. Research only: not used in a fee distribution. SEC source 0001213900-26-066804.
Filed fee conditions
The Fund pays the Adviser an Investment Management Fee equal to 1.40% on an annualized basis of the Fund's Managed Assets, calculated monthly based on Managed Assets at the end of the month and paid quarterly (or on average daily Managed Assets if Shares are offered more frequently than monthly). Effective 2025-03-14, this rate was reduced from the prior 1.50% (on average daily Managed Assets); the fund's own FY2026 N-CSR notes -- filed after the DEF 14A proxy that proposed the change -- confirm 1.40% as the currently effective rate.
Canonical-class fee profile
| Class | Management | Incentive | Load | Servicing | Gross expenses | Net expenses |
|---|---|---|---|---|---|---|
| Class I | 1.40% | 10% of total return + high-water mark
*
Incentive Fee: 10.00% of net profits over the Loss Recovery Account; Prior losses in the Loss Recovery Account must first be recovered. SEC source 0001213900-26-066804 |
Pending | Pending | 3.40%filed basis*Filed label: Gross expenses 6; period 2026-03-31. gross expenses (explicit filing row); waiver state: before / excluding disclosed support. SEC source 0001213900-26-066804 |
3.40%filed basis*Filed label: Net expenses 6; period 2026-03-31. After waiver: not separately stated; interest: not separately stated; tax: not separately stated; incentive compensation: not separately stated; acquired-fund expenses: not separately stated. SEC source 0001213900-26-066804 |
| Fee component | Rate | Basis / class | Condition |
|---|---|---|---|
| Performance · Incentive Fee | 10.00% | net profits over the Loss Recovery Account | Prior losses in the Loss Recovery Account must first be recovered. |
Expense-ratio caution. These are the issuer’s filed figures for the designated analysis class. They are not placed in a fee ranking because denominators and included expenses are not yet normalized across funds. Hover or click * for the filed label, period, components, and SEC source.
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (2)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | The Fund pays the Adviser an Investment Management Fee equal to 1.40% on an annualized basis of the Fund's Managed Assets, calculated monthly based on Managed Assets at the end of the month and paid quarterly (or on average daily Managed Assets if Shares are offered more frequently than monthly). Effective 2025-03-14, this rate was reduced from the prior 1.50% (on average daily Managed Assets); the fund's own FY2026 N-CSR notes -- filed after the DEF 14A proxy that proposed the change -- confirm 1.40% as the currently effective rate. | 1.4 pct_annual_of_managed_assets | 2025-03-14 |
| repurchase_program_terms | Discretionary quarterly tender offer program: the Fund's Schedule TO offers have consistently stated up to 5% of net assets outstanding per quarter (most recently confirmed 2026-06-04). Hamilton Lane Private Assets Fund | 5.0 pct_of_net_assets_per_quarter | Pending |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-06-25 | SC TO-I/A | 0001213900-26-072028 |
| 2026-06-09 | N-CSR | 0001213900-26-066804 |
| 2026-05-29 | NPORT-P | 0001193125-26-247900 |
| 2026-05-06 | SC TO-I | 0001213900-26-052657 |
| 2026-03-13 | SC TO-I/A | 0001213900-26-027679 |
| 2026-02-27 | NPORT-P | 0001193125-26-082176 |
| 2026-02-06 | SC TO-I | 0001213900-26-013125 |
| 2026-01-09 | SC TO-I/A | 0001213900-26-002892 |
| 2025-12-05 | N-CSRS | 0001213900-25-118831 |
| 2025-11-26 | NPORT-P | 0001193125-25-300657 |
| 2025-11-04 | SC TO-I | 0001213900-25-105913 |
| 2025-09-19 | SC TO-I/A | 0001213900-25-089473 |
| 2025-08-28 | NPORT-P | 0001145549-25-055251 |
| 2025-08-01 | SC TO-I | 0001213900-25-070716 |
| 2025-07-25 | SC TO-I/A | 0001213900-25-067518 |